FIL Ltd Has $69.88 Million Holdings in Bank of America Corp (BAC)

FIL Ltd raised its position in Bank of America Corp (NYSE:BAC) by 93.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,880,622 shares of the financial services provider’s stock after buying an additional 1,395,198 shares during the period. FIL Ltd’s holdings in Bank of America were worth $69,884,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of BAC. Vanguard Group Inc. increased its stake in shares of Bank of America by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after purchasing an additional 9,117,007 shares during the last quarter. Investec Asset Management LTD grew its stake in Bank of America by 68.6% in the 2nd quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock valued at $431,157,000 after buying an additional 7,231,615 shares in the last quarter. Quantitative Investment Management LLC purchased a new position in Bank of America in the 2nd quarter valued at approximately $108,585,000. Schroder Investment Management Group grew its stake in Bank of America by 70.4% in the 2nd quarter. Schroder Investment Management Group now owns 10,606,202 shares of the financial services provider’s stock valued at $257,942,000 after buying an additional 4,381,323 shares in the last quarter. Finally, APG Asset Management N.V. grew its stake in Bank of America by 14.8% in the 2nd quarter. APG Asset Management N.V. now owns 30,054,575 shares of the financial services provider’s stock valued at $729,124,000 after buying an additional 3,868,186 shares in the last quarter. Hedge funds and other institutional investors own 68.28% of the company’s stock.

Shares of Bank of America Corp (NYSE:BAC) opened at $28.10 on Monday. Bank of America Corp has a fifty-two week low of $21.02 and a fifty-two week high of $28.72. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. The stock has a market cap of $293,100.16, a price-to-earnings ratio of 16.06, a PEG ratio of 1.94 and a beta of 1.31.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The company had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. During the same period in the previous year, the firm posted $0.41 EPS. The firm’s revenue was up 2.1% compared to the same quarter last year. research analysts predict that Bank of America Corp will post 1.81 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s dividend payout ratio is currently 27.43%.

A number of research analysts recently weighed in on the stock. Morgan Stanley reiterated an “overweight” rating and issued a $30.00 price objective (up from $28.00) on shares of Bank of America in a research note on Thursday. Vetr lowered shares of Bank of America from a “hold” rating to a “sell” rating and set a $26.67 price objective for the company. in a research note on Monday, November 6th. J P Morgan Chase & Co lifted their price objective on shares of Bank of America from $27.50 to $28.50 and gave the company an “overweight” rating in a research note on Wednesday, November 1st. BidaskClub upgraded shares of Bank of America from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 23rd. Finally, Citigroup reiterated a “neutral” rating and issued a $27.00 price objective (up from $25.00) on shares of Bank of America in a research note on Monday, October 9th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the company’s stock. Bank of America presently has an average rating of “Buy” and an average price target of $26.25.

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About Bank of America

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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